Jerome Powell, the current Chair of the Federal Reserve, is one of the wealthiest individuals to ever hold the position. Born in 1953, Powell has had a long and varied career spanning law, investment banking, private equity, and public service.
Early Life and Education
Powell graduated from Princeton University in 1975 with a degree in politics. He later earned his Juris Doctor from Georgetown University Law Center in 1979. While his education laid the groundwork for public service, his early career veered into finance, where he built the majority of his wealth.
Career in Finance
Shortly after finishing law school, Powell entered the financial sector. He eventually became a partner at The Carlyle Group, one of the world’s largest private equity firms, where he worked until 2005. While specific earnings from his time at Carlyle aren’t publicly disclosed, his position there contributed significantly to his financial standing. As of 2024, Carlyle Group manages over $426 billion in assets.
After leaving Carlyle, Powell founded Severn Capital Partners, a private equity firm specializing in litigation finance, distressed debt, acquisitions, and formal liquidations. Severn Capital emphasized hands-on investment management, often taking controlling stakes in projects and businesses — an approach that likely offered Powell significant financial returns.
Transition to Public Service
Powell’s first significant government role came in 1992 when he served under President George H.W. Bush as Under Secretary of the Treasury for Domestic Finance. His return to public service came in 2012, when President Obama nominated him to the Federal Reserve Board of Governors. In 2018, President Donald Trump appointed Powell as Chairman of the Federal Reserve, a position he retained under President Joe Biden’s administration.
Estimated Net Worth
While Powell’s salary as Fed Chair is relatively modest at around $190,000 per year, financial disclosures at the time of his 2018 appointment revealed a personal net worth between $20 million and $55 million. Some media outlets have suggested that Powell’s assets may be worth as much as $112 million, though this higher figure is speculative. Even at the lower end, he stands as the richest Federal Reserve Chair since the role’s creation in 1913.
Political and Market Influence
Despite being a Republican appointee, Powell has maintained a moderate, technocratic approach that has earned him bipartisan support. He has also faced political friction — most notably with former President Trump, who criticized Powell’s stance on interest rates and even suggested firing him.
Interestingly, the Carlyle Group’s stock price has more than doubled since Powell became Fed Chair, though there is no evidence to suggest he benefited directly from this increase during his tenure in public service.
